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FII & Custodian Division

Investment Management Department

Email: chanda@sebi.gov.in

Website: www.sebi.gov.in

Fax No. 91 22 22870095

Circular No. IMD/FII/18/2004

December 2, 2004

To

All Foreign Institutional Investors, and

Custodians of Securities

Sub: Limit for investment by FIIs in Corporate Debt

Please refer to our Circular No. IMD/FII/ 17 /2004 dated November 29, 2004, whereby, it was informed that the cap of US $1.75 billion will be applicable to FII investment in dated Government securities and T-bills only, both under 100% debt route and general 70:30 route.

It has been further clarified by Ministry of Finance, Government of India that a cumulative sub-ceiling of US $500 million outstanding would be fixed on FII investments in corporate debt and this would be over and above the sub- ceiling of US $1.75 billion for Government debt under the overall ECB ceiling.

A copy of this circular is available at the web page “F.I.I.” on our website www.sebi.gov.in . The custodians are requested to bring the contents of this circular to the notice of their FII clients.

ours faithfully,

D. Chanda

Chief General Manger

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